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Divorce isn’t cheap in Florida, but is still attainable

Nearly every divorce comes with painful emotions, along with the complicated mess of untangling what could have been years of shared finances and assets. The cost of a divorce is also something that should not be taken lightly, particularly in Florida. With an average cost of $409 to file the divorce paperwork, many Floridians who are wishing to end their marriage may find themselves unprepared. In today’s financial climate, this can be discouraging.

Florida divorce: Dividing marital property

Over the course of your marriage, like many people in Florida, you and your spouse likely amassed various assets and possessions. Collectively, these assets that couples acquire throughout their marriage are generally known as marital property. Marital property could include jewelry, homes and other real estate properties, artwork, wine collections, vehicles and bank accounts, among other things. Should you divorce, much of that property will, in most cases, have to be divided between you and your spouse.

Avoiding financial setbacks that can come with divorce

There are generally a lot of emotions in play at the end of a marriage. Often, in their haste to reach an agreement and finalize the process, divorcing couples in Sarasota, and throughout Florida, will choose to liquidate all of their assets and split the profits. While there are benefits to this method for settling a divorce, issues can arise down the road that may have long-term implications without careful planning.

Alimony dispute holding up divorce for NBA star Felton and wife

It is common for divorcing spouses in Sarasota, and elsewhere, to enter into divorce proceedings with an idea already in their heads about what they want and feel they are owed in terms of asset division and support awards. When couples are not able to reach an agreement on these, and other terms, it can hold up the entire divorce and settlement process.

Walmart heiress may owe ex spousal support, despite civil lawsuit

Floridians, as well as couples from other states, are increasingly using prenuptial agreements as a means of protecting personal assets and wealth when entering into a marriage. Unless a situation that is specifically outlined in the agreement as a cause for it to be voided occurs, the spouses must comply with the terms of the contract, regardless of how the marriage ends.

Womans attacks against ex cost her in divorce settlement

A couple that has amassed millions of dollars in marital assets may have a complicated divorce process. A high-asset divorce in Florida typically involves determining how to fairly split properties, jewelry, business assets and more. In some cases, a judge may have to make the decision because the couple is unable to reach an agreement. As one recent incident illustrates, there are many factors that play into how wealth is divided.

Same-sex couple in Tampa challenges marriage ban with divorce

While many states, including Florida, have outlawed same-sex unions, there are 17 states where gay marriages are legally recognized. Many couples have chosen to go to one of these states in order to get married. For those who do not live in states where those unions are legal, it can complicate divorce issues should they decide to split.

Collecting ex-spouse's Social Security benefits

Florida couples who are considering or fearing a divorce have a great many things to consider. Even the simplest situation can result in a complex divorce. Some of the most common areas of challenge include spousal support, property division, child custody and related visitation plans. Put together with the emotional side of things, the end of a marriage is difficult.

Some divorce fees may be tax deductible

Any Florida couple that has weathered a divorce understands that the costs can be high. This is especially so for any high asset divorce or complicated divorce situation. The financial impact can be felt in many ways including the loss of personal assets as part of a property division agreement, the need to pay child support or spousal support and more. Unlike many other out-of-pocket costs , those costs associated with divorce are typically not tax deductible, only adding to the sting for many people.

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Law Office of
Stephanie L. Murphy

665 South Orange Avenue
Suite 1
Sarasota
, FL 34236
Phone: 941-328-8142 
Fax: 941-366-7272 
Sarasota Law Office

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